HK's tech sub-index hits nearly 4-month high, Alibaba Health leads

Meitu

31/01/2019 05:19

** Shares of E-commerce pharmaceutical firm Alibaba Health
Information Technology Ltd  0241.HK  lead gains among Hong
Kong-listed information technology firms, sending the technology
sub-index  .HSCIIT  to its highest in nearly four months
    ** The Hang Seng sub-index tracking information technology
firms  .HSCIIT  climbs nearly 2 pct to 10,939.16, the highest
since Oct 3, 2018
    ** Shares of Alibaba Health climb as much as 6.8 pct to
HK$7.25, their highest since Dec 3, 2018
    ** Alibaba Health's parent Alibaba Group Holding Ltd
 BABA.N  posted quarterly profit far above market expectations
and played down worries of Chinese economic slowdown and U.S.
tariff effects  urn:newsml:reuters.com:*:nL5N1ZU8XR
    ** Alibaba Group's earnings results, which is often seen as
a yardstick of consumer spending in the world's second-largest
economy, are likely to ease some worries on weak results among
chipmakers and tech firms 
    ** Daiwa maintains "buy" on Alibaba Group, and raises target
price to $200 from $190, says Alibaba is the sector top-pick as
its solid fundamentals are relatively resilient against the
macro slowdown 
    ** Among Hong Kong-listed technology-related firms, Meituan
 3690.HK  rises as much as 5.3 pct, Meitu  1357.HK  climbs up to
3.5 pct, ZTE  0763.HK  gains as much as 2.5 pct, and Tencent
 0700.HK  is up 1.1 pct
    ** The Hang Seng China enterprises index  .HSCE  climbs 1.5
pct, and the benchmark index  .HSI  is 1.1 pct higher
    ** China's main stock index CSI300  .CSI300  rises as much
as 1.2 pct

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)